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According to reports, the founders of the now-defunct crypto hedge fund Three Arrows Capital (3AC) are seeking to raise $25 million from investors to start a new crypto exchange called GTX. This solicitation for new capital comes after 3AC co-founders Su Zhu and Kyle Davies were subpoenaed over the social media platform Twitter.
There’s a flurry of reports and screenshots of an alleged pitch deck and website that claim the two 3AC co-founders, Su Zhu and Kyle Davies, are attempting to raise $25 million from investors. They allegedly want to start a new exchange called GTX. The crypto hedge fund Three Arrows Capital filed for Chapter 15 bankruptcy protection during the first week of July 2022.
3AC founders Zhu and Davies are aiming raise $25 million for new crypto exchange “GTX”
What could go wrong?! pic.twitter.com/vm3NFBYdNZ
— Crypto Crib (@Crypto_Crib_) January 16, 2023
It is alleged that the company’s liquidators have had difficulty communicating with the two co-founders. Zhu and Davies were recently served subpoenas via Twitter. Additionally, reports indicate that 3AC is allegedly being investigated for potential legal violations by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
In addition to Zhu and Davies, two Coinflex executives, Mark Lamb and Sudhu Arumugam, are also mentioned as being part of the new team. Coinflex, like Three Arrows Capital, also suffered from financial issues and filed for restructuring services in Seychelles last August.
Of course, the alleged pitch deck and website screenshots were shared on social media, and the 3AC founders were widely mocked. Both founders have been more active on social media recently, but they have not addressed the recent speculation about them starting a new crypto exchange called GTX.
As of the time of this writing, it has not been officially confirmed whether the 3AC duo is starting a new crypto exchange.
What do you think of the founders of Three Arrows Capital seeking new investment and launching a new crypto exchange amidst legal scrutiny and previous financial troubles? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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